"Put in 3.6 million won, get 14.4 million won?" 4050 Frustrated with Cheongnyeon Naeil Savings Program

Daejeon City, Up to 1:3 Additional Savings
Government Also Plans to Launch Product for Raising 50 Million Lump Sum

"If you deposit 100,000 won every month for 3 years, you will receive a total of 14.4 million won, including the principal of 3.6 million won."

Daejeon City announced on the 22nd that it is recruiting subscribers for the 'Youth Tomorrow Savings Account Project.' Some other generations expressed dissatisfaction upon hearing that the government provides additional matching funds at a ratio of 1:1 or 1:3 for low-income youth's savings.

Photo by Daejeon City

The 'Youth Tomorrow Savings Account Project' is available to young workers aged 15 to 39 residing in Daejeon, whose income is at or below 100% of the median income and whose assets do not exceed 350 million won.

If a young worker with an income at or below 50% of the median income saves 100,000 won, the government provides an additional 300,000 won. For young workers in the 50-100% median income bracket, saving 100,000 won receives an additional 100,000 won in support.

If the worker maintains employment and submits a fund usage plan during the 3-year savings period, they can receive up to 14.4 million won.

Previously, Incheon City implemented the 'Dream for Youth Account' project, where young people working in small and medium-sized enterprises save 100,000 won monthly for 3 years (totaling 3.6 million won), and the city adds 6.4 million won in support, resulting in a total of 10 million won.

The support targets young residents of Incheon aged 39 or younger who have worked for at least one year in manufacturing or knowledge service industry SMEs in Incheon. They must work an average of at least 35 hours per week, be enrolled in the four major social insurances, and meet the requirement of being at or below 150% of the median income (37.41 million won annually for a single-person household).

Both local governments and the central government are introducing the 'Youth Leap Account,' which allows youth to save up to 700,000 won monthly for 5 years to accumulate up to 50 million won. It is scheduled to launch in June and targets youth aged 19 to 34.

Such youth-focused policies have sparked dissatisfaction among middle-aged and older generations. Comments included: "Young people only need to take care of themselves, but those in their 40s who have families to support and no money have it harder," "Should we help those under 39 with assets up to 350 million won?" and "Is there no welfare returning to the 40s and 50s generation that pays the most taxes?"

This content was produced with the assistance of AI translation services.